20 15 ANNUAL REPORT

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Exploration and Evaluation Asset Impairment/ (Impairment Reversal) Australian Tenements (563,353) Mongolian Tenements 847,801 Net Impairment 284,448 The recoverability of the carrying amounts of the exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. The exploration assets at 30 June 2015 are carried at their recoverable amount and are sensitive to future changes to commodity prices and foreign exchange movements. In FY2014, a review of the exploration and evaluation assets, in part, was precipitated by the unsolicited and non-binding offer by Sino Construction Limited which indicated the Australian assets were impaired. The impairment loss of $44,220,177 represented a write-down of certain exploration and evaluation assets in the Australian segment to the recoverable value. This was recognised in the consolidated statement of profit or loss. The recoverable value of $52,000,000 at 30 June 2014 for the Australian exploration and evaluation assets was based on management considering the unsolicited offer announced to the market on 17 July 2014 and independent valuations of the assets. The valuations were determined on both a market multiple and on a discounted cash flow basis, at a discount rate the company would expect a market participant to apply to such cash flows. b) Interest in mining tenements Tenure number Location 2015 2014 1250 Charters Towers, Queensland Australia 64.40% 64.40% 1260 Charters Towers, Queensland Australia 64.40% 64.40% 1300 Charters Towers, Queensland Australia 100% 100% 1394 Charters Towers, Queensland Australia 100% 100% 1477 Charters Towers, Queensland Australia 100% 100% 1478 Charters Towers, Queensland Australia 100% 100% 1479 Charters Towers, Queensland Australia 100% 100% 1480 Mount Isa, Queensland Australia 100% 100% 1573 Charters Towers, Queensland Australia - 100% 1574 Charters Towers, Queensland Australia 100% 100% 1576 Mount Isa, Queensland Australia - 100% 1674 Emerald, Queensland Australia 35.78% 50.78% 1822 Rockhampton, Queensland Australia 100% 100% 1870 Rockhampton, Queensland Australia - 100% 1872 Rockhampton, Queensland Australia 100% 100% 1890 Charters Towers, Queensland Australia 100% 100% 1892 Charters Towers, Queensland Australia 100% 100% 1893 Charters Towers, Queensland Australia 100% 100% 1962 Charters Towers, Queensland Australia 100% 100% 1963 Charters Towers, Queensland Australia 100% 100% 1964 Charters Towers, Queensland Australia 100% 100% 2003 Rockhampton, Queensland Australia 100% 100% 2046 Mount Isa, Queensland Australia - 100% 2047 Mount Isa, Queensland Australia 100% 100% 2048 Charters Towers, Queensland Australia - 100% 2049 Charters Towers, Queensland Australia 100% 100% 2057 Dalby, Queensland Australia - 100% 2058 Dalby, Queensland Australia - 100% 2105 Charters Towers, Queensland Australia 100% 100% 2256 Emerald, Queensland Australia 100% 100% 2503 Charters Towers, Queensland Australia 100% 100% 2504 Charters Towers, Queensland Australia 100% 100% GUILDFORD COAL ANNUAL REPORT Page 86
12929X Mid Gobi, Mongolia 100% 100% 13352X Mid Gobi, Mongolia 100% 100% 13780X South Gobi, Mongolia 100% 100% 14522X South Gobi, Mongolia 100% 100% 15466X Mid Gobi, Mongolia 100% 100% 5262X South Gobi, Mongolia 83.87% 70% 5264X South Gobi, Mongolia 100% 100% 17163X South Gobi, Mongolia 100% 100% 17162 South Gobi, Mongolia 100% 100% 16971 South Gobi, Mongolia 83.87% 70% 25374NE Baruun Termes, Mongolia 100% - 18111XV South Gobi, Mongolia 100% - Note 13 Investment in an associate The Group has a 35.78% interest in Springsure Mining Pty Ltd (“Springsure”), which is involved in exploration for minerals in Australia. The Group’s interest in Springsure is accounted for using the equity method in the consolidated financial statements. The following table illustrates the summarised financial information of the Group’s investment in Springsure: 2015 2014 $ $ Current assets 213,544 - Non current assets 4,753,247 - Current liabilities (53,054) - Net assets 4,913,737 - Summarised consolidated statement of profit or loss and other comprehensive income Revenue 307,996 - Expenses (44,828) - Total comprehensive income 263,168 - Movement in the carrying amount of investment in an associate As at 1 July 2014 - - Recognition as equity investment in an associate (Note 22c) 1,292,054 - Share of profit of an associate 98,350 - As at 30 June 2015 1,390,404 - As at 30 June 2014, the Group held a 50.78% interest in Springsure, for details on disposal of a subsidiary that results in loss of control, please refer to Note 22(c) for further details. The associate requires the shareholder’s consent to distribute its profits. The Group does not foresee the shareholders giving such consent at the reporting date. The associate had no contingent liabilities or capital commitments as at 30 June 2015. Note 14 Trade and other payables 2015 2014 $ $ CURRENT Unsecured liabilities Trade payables 258,982 1,710,126 Interest accrued 12,113,173 4,403,842 Accrued expenses 20,547,435 6,216,006 Total 32,919,590 12,329,974 GUILDFORD COAL ANNUAL REPORT Page 87
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20 15 ANNUAL REPORT GUILDFORD COAL
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GUILDFORD COAL CONTENTS COMPANY OVE
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GUILDFORD COAL CHAIRMAN’S LETTER
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GUILDFORD COAL GROUP MANAGING DIREC
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Above : BNU Operations, Mongolia Ri
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STRATEGY Explorer to global produce
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PROJECT UPDATE MONGOLIA Equity stak
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Mongolia - South Gobi The South Gob
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GUILDFORD COAL ANNUAL REPORT Page 1
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Above : Map of Queensland Guildord
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Springsure Project Key highlights:
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Logistics: The projects proximity t
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Sierra Project Key highlights: •
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mineralisation on Mid Gobi Project
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DIRECTORS’ REPORT FOR THE YEAR EN
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Mr Michael Avery Qualifications Exp
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Loo Hwee Fang Independent Director
Page 35 and 36: Mr Peter Kane Qualifications Experi
Page 37 and 38: - Dates for conversion: at any time
Page 39 and 40: INCOME STATEMENT ANALYSIS The Group
Page 41 and 42: ii. Subsequent to this, an in princ
Page 43 and 44: • JORC Code (2012) resource of 32
Page 45 and 46: elation to OCP convertible notes an
Page 47 and 48: producers, climate, inflation, inte
Page 49 and 50: • There has been no increase to b
Page 51 and 52: 8. Remuneration details for the yea
Page 53 and 54: (6) Craig Ransley is a 0.09% shareh
Page 55 and 56: elation to gender, age, cultural ba
Page 57 and 58: Ernst & Young 111 Eagle Street Bris
Page 59 and 60: CONSOLIDATED STATEMENT OF COMPREHEN
Page 61 and 62: CONSOLIDATED STATEMENT OF CHANGES I
Page 63 and 64: The financial report of Guildford C
Page 65 and 66: the subsidiary and ceases when the
Page 67 and 68: Other taxes Revenues, expenses and
Page 69 and 70: The effective interest method is us
Page 71 and 72: Exchange differences arising on tra
Page 73 and 74: t) Earnings per share Basic earning
Page 75 and 76: w) New Accounting Standards and Int
Page 77 and 78: 2015 2014 $ $ Other operating expen
Page 79 and 80: Basis of accounting for purposes of
Page 81 and 82: e) Segment assets and liabilities A
Page 83 and 84: Note 9 Other assets 2015 2014 $ $ C
Page 85: Movements in carrying amounts of in
Page 89 and 90: to extend the principle repayment o
Page 91 and 92: until 8 July 2015. The Group was th
Page 93 and 94: ) Acquisition reserve Acquisition r
Page 95 and 96: Note 20 Cash flow Information a) Re
Page 97 and 98: $ Consideration received - Net asse
Page 99 and 100: Note 23 Fair value measurement The
Page 101 and 102: Note 25 Financial risk management T
Page 103 and 104: Foreign currency risk sensitivity a
Page 105 and 106: Note 27 Contingencies Contingent li
Page 107 and 108: Note 29 Events occurring after the
Page 109 and 110: DECLARATION BY DIRECTORS The direct
Page 111 and 112: i ii giving a true and fair view of
Page 113 and 114: GUILDFORD COAL ANNUAL REPORT Page 1
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20 15 ANNUAL REPORT

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